David Cameron to Resign as Britain Votes to Leave the EU

LONDON, ENGLAND - MAY 08: Prime Minister David Cameron leaves for Downing Street on May 8, 2015 in London, England. After the United Kingdom went to the polls in a closely fought General Election the Conservative party, led by David Cameron, are expected to be the winning party with support for both the Labour party and the Liberal Democrats falling away throughout the country. (Photo by Dan Kitwood/Getty Images)

David Cameron addressed his nation: “The will of the British people to leave the European Union must be respected…the British people have decided to follow another path…they need a new prime minister.”

Cameron, who has served as the UK Prime Minister since 2010, will step down by October. The referendum was Cameron delivering on an election promise – but the premier had aggressively campaigned for Britain to remain in the EU.

He said outside of Downing Street that he was “very proud” and “honored” to have led the country for six years — but that Britain now “must prepare for a negotiation” with the European Union, one which “will require strong, determined and committed leadership.”

“I do not think it would be right for me to be the captain that steers our country to its next destination,” he told reporters outside his Downing Street office.

While Scotland and Northern Ireland backed the Remain campaign, Wales and England voted overwhelmingly for Brexit. According to the UK’s telegraph, voter turnout in Britain’s capital London was lower than expected because of bad weather.

Markets are set to be dramatically affected, with North America waking up to the news of a Brexit in a matter of hours, and the British pound slumping to a 30-year low, already sliding 8% and 5% against the US dollar and Euro, respectively.